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Abstract

This introductory article sets the ground for the analysis performed in the articles included in thisSpecial Issue. It shows why a new analysis of the European Central Bank (ECB)’s accountability isrequired by referring to recent developments, and by underlining how much the ECB’s role andstanding have changed since its creation 20 years ago. Indeed, its resorting to unconventionalmonetary policies in response to the recent economic and financial crisis, as well as the creation of the Banking Union, have significantly affected the ECB. This introduction also recalls the mainelements of the debate on the balance between accountability and independence, and shows howthis balance has evolved. On the basis of the findings of the articles included in this Special Issue,some conclusions and hypotheses as to the way forward are formulated.